Kazakhstan’s AsiaCredit Bank discloses reasons why the National Bank suspends its license for taking in deposits

Kazakhstan’s AsiaCredit Bank has disclosed reasons why the National Bank suspended July 30 its license for taking in deposits and opening accounts for individuals, Kursiv.kz reports. According to the Bank’s Press Service, the ground for withdrawing the license was that the Bank had violated some provisions of the country’s legislation on counteraction to laundering of illicitly obtained money and counteraction to financing of terrorism. According to the Bank’s Press Service, up to October 30 individuals won’t be able to open deposits or accounts with the Bank, with all the contracts signed with individuals before July 30 being fully valid. Besides, according to the Press Service, suspension of the license is not to the detriment of banking services rendered to legal entities. The Bank assumes the responsibility to take all the measures required to rectify the violations.